Al Futtaim Group Real Estate Managing Director Ashraf Ezz El-Din said sales of administrative/commercial spaces will drop in the coming period, due to an upward trend for leasing to have the flexibility of changing spaces whenever necessary.
In the aftermath of Coronavirus, developers shall expect occupancy rates of less than 90%, as working from home becomes the new normal and consumers shopping online than in-store, Ezz El-Din revealed during Invest-Gate’s “New Real Estate Product” virtual roundtable on June 15.
Additionally, employers will be inclined to favor a more flexible work culture, privileging employees who are individually engaged in most tasks. This is because some owners will be impelled to hire less staff to ensure productivity while also ensuring profitability, the chairman noted.
During and after COVID-19, developers, according to Ezz El-Din, need to harness a robust digital infrastructure to facilitate and stimulate work performance, especially when adopting remote work policies.
On top of that, there is a need to forge stronger ties and better customer experience to weather the crisis woes, therefore more responsive to consumer needs, and the expansion of delivery services is the first step to cater to this demand. Al Futtaim Group, for example, has launched a new drive-thru service to minimize physical contact and provide efficient services for all outlets.
Coming based on the recommendations from the “Smart Real Estate Market Amid COVID-19” previous virtual roundtable, Invest-Gate’s latest event managed to mark a new era of bulletproof development, fully responding to consumer needs and, most importantly, laying out the ultimate “new normal” playbook on leading brick-and-mortar businesses through the crisis and beyond.
It was sponsored by Mountain View, Rooya Group, Tatweer Misr, Vantage Developments, and Castle Development for Real Estate, along with several media partners including Economy Plus, Habi Newspaper, Alaqaria Newspaper, Daily News Egypt, Al Borsa Newspaper, and Al-Masdar News.
Click here for the full roundtable coverage!
